How To Survive Financially As A Single Mom?

If you have split from a partner recently, you must be worried about how to survive financially as a single mom. You not only have to deal with loneliness and the breakdown of relationships but also get through your financial pressure. A heartbreaking fact states that around 1/3 of United States single-parent families live below the poverty line. Essential financial and budgeting tips will help struggling single mothers overcome financial pressure. At the same time, single parenting is a choice for many women today. It is also a compulsion for some others. Despite this reason, sole parenting has its effect on the little ones. Considering the number of single parents worldwide, it is pretty common to choose solo parenting. Bringing up a child without a spouse differs from dual parenting; however, raising them successfully isn’t much impossible. Single-family breadwinners can overcome all financial constraints and manage work-life balance by staying positive and making practical plans. Setting realistic limits will help in reducing the struggle and distress of your life considerably.

How To Make It As A Single Mom?

Being a single mom is not easy. You must take care of your child’s education, health, earn to provide for your family, pay monthly bills, and fulfill your work obligation single-handedly. The first and foremost step to making it as a single mom is to convince yourself that you can lead a joyous, complete, and prosperous life. Managing finances is one of the most significant and challenging parts of one’s life. Unfortunately, millions of single mothers are not getting enough finances that they deserve to get a secure lifestyle. The good news is that single mothers can take some steps to control their finances, like opening a bank account, checking their credit score, simplifying their budget, buying life insurance, consolidating their debt, and many more. Practicing financial self-care will take you a step closer to a complete and fulfilling life. If you’re looking for the answer, like how single moms survive financially, then you are at the right place, as this guide will help you to know the tips and manage your finances in a better way.

How Can A Single Mom Survive With No Income?

Financial success is a core component to ensure success as a single mother. It is also critical to take care of your mental health while managing finances since both of them are deeply connected. Single mothers who are worried about how to perform work while taking care of their children can avail a lot of work-from-home jobs that are available throughout the United States and enables them to work on a flexible schedule. The federal government has designed many financial assistance programs and grants, such as the Temporary Assistance For Needy Families Program, which assists low-income single-parent families to cover basic things like food, childcare, and housing. Besides, single moms struggling financially can also apply for free government grants, scholarships, and programs to cover their necessities. These include Pell Grants, childcare tax credit, Head Start Program, LIHEAP, Medicaid, Medicare, Emergency Food Assistance Program, SNAP, National School Lunch Program, Supplemental Nutrition Program for Women, Infants And Children, etc.

How To Survive Being A Single Mom Financially?

Being a solo mom is difficult as there are a lot of challenges and obstacles that you have to face in your day-to-day life. You must shoulder responsibility single-handedly and perform all the duties solely. There can be times when your mental and financial stress can take a toll on you; however, you have few choices left. Therefore, you need to delegate those responsibilities and duties for the sake of your children. Solo parenting can be rewarding as well as challenging. Single mothers have to face incredible odds and challenges. Solo parents deal with everything single-handedly, from medical emergencies to employment crises to severe medical and financial problems. It is essential to locate support to overcome these challenges through crowdfunding, government support, and charity help so that you can get much-needed financial relief. Apart from availing of financial assistance programs and support from the government, you also need to follow a few financial survival tips that will help you to deal with your crisis in a better way. Some of the financial survival tips for single moms are as follows.

1. Get Insurance

Life insurance helps to protect families, and getting a life insurance plan is one of the most critical decisions that you will ever make as a single mom for your loved ones. Life insurance is an affordable, innovative, and easiest way to manage finances, as it will provide financial security to your children in the event of your passing. Taking insurance will help to avoid unforeseen family financial problems. Health insurance and life insurance are two main types of financial plans that you must take out. Health insurance is a medical cover that helps you to meet preventative or emergency treatment for yourself and your children. The cost of medical treatment is becoming astronomical. Single moms can afford family health insurance, employer-sponsored health insurance, Medicaid, short-term health insurance programs, and Children’s Health Insurance Programs to face medical emergencies. Getting an insured property is one of the best financial tips for single moms.

2. Create A Budget

Financially unorganized mothers are often stressed about managing money. It is essential to plan a budget and stick to it so that you do not end up overspending. Creating a budget will help you to get a clear picture of all your income, expenses, and savings. This will help you to prevent missing payments and due dates and will help you to meet your financial goals.

3. Explore Nonprofit Programs And Government Assistance Resources

Single mothers who are struggling financially have a lot of assistance programs at their disposal, such as food, cash, housing, and childcare assistance. The government and nonprofit assistance programs are free money that helps them to find the bill and reduce their financial burden. The availability of these programs is better than borrowing a loan as they do not need to repay the money with interest. Seeking help as a single mother is one of the best financial tips. If you are struggling to provide basic needs to your family, like nourishment, proper shelter, and education, then you need not worry as support is available. Financial help is not only available to single moms in the USA but also to pregnant or breastfeeding mothers.

4. Cut Expenses

Once you have a clear picture of where your income is going, you need to take some time and effort to cut the deadwood. Make sure each purchase that you are making is a concise one, and this way, you will feel confident and empowered about managing your money. Don’t spend money in restaurants. Come up with clothes or gifts that break your budget. Try to use all the cleaning supplies and household products before you buy new ones at the market.

5. Increase Your Earnings

If you are wondering how to suffer financially as a single mom on a low income, one of the easiest and fastest ways to improve your financial situation is to boost your earnings. Many people will take up a second job to increase their income. However, this may not be possible for all single mothers as they have to balance out the cost of childcare while earning money and have to take care of their little ones. Therefore instead of taking a second job, you can ask your employer to increase your salary. Employees having excellent track records and suitable skill sets have a good chance of getting a higher salary; alternatively, you can locate a job with a better salary structure. This will be more helpful if your employer isn’t rewarding you despite your hard work. You can shop around and see the different types of available jobs based on your qualification and skills. Finding a position with better pay and flexible work options will make it easier for you.

6. Begin Debt Management To Survive Economically As A Single Mom

Relying on loans or credit cards to meet your bills can be expensive. Often low-income single mothers fail to meet the cost of debt repayments on time, as a result of which their credit score scores suffer or they are penalized. When you are learning to survive economically as a solo mom, one of your top priorities should be starting debt management. Single moms who have borrowed money from different lenders should consolidate their debt into one place so that when it comes to paying, they pay interest on the overall sum of money. Always check the details, terms, and conditions to approve a loan agreement before signing.

7. Understand Your Taxes As A Single Mother

The tax situation of a single mom is different from that of couples who are married. For instance, mothers earning 50% of their household income as single mothers can claim HOH or Head Of Household status. This will generally help them to get a lower tax rate as well as a higher standard deduction as a single taxpayer. Head of household eligible for Child Independent Care Credit to meet the dependent care expenses. This credit will be higher if you have two or more dependents to look after.

8. Set Long Term And Short Term Financial Goals To Survive Financially

While learning about how to survive economically as a single mom, it is essential to consider future events. For instance, you can take future rent or meal expenses into account while setting financial goals. Setting short-term goals will help you meet the expenses soon within a year. For instance, if you plan a vacation, you can set aside some money or plan a birthday party for your little ones. On the other hand, mid-term loans are the ones that help single mothers to prepare for long-term goals. Some famous examples of mid-term goals are paying down student loan debt, increasing the net worth to a set figure, or saving money for a down payment on a house. Finally, you need to set a long-term goal that will help you to support your family in a better way. For instance, you can set a goal to save retirement money, or you can open an IRA and contribute monthly. Setting goals is one of the best financial tips for single moms that helps them succeed.

Conclusion

If you are struggling financially as a solo mom, then you can access numerous resources like housing assistance, help for paying necessities, free childcare programs, and many more. Single motherhood can sometimes feel daunting and overwhelming as it differs from two-parent families or happily married couples. Even though life seems complicated, by taking the above-mentioned strategies and financial tips, you can lead a fulfilling and successful life like anyone else. Now that you have learned how to survive economically as a single mom, it is time to take positive action to improve the family finances. With the right step and the correct financial direction, it will not be difficult to survive and provide a stable and comfortable environment for your kids to grow and thrive in.